Sea Group injects $1b into new fund Sea Capital to manage investments

Sea Group announced that it has acquired Composite Capital Management, a Hong Kong-based firm founded by former Hillhouse Capital partner David Ma.

With this acquisition, the Singapore-based internet company will establish Sea Capital to manage its investment efforts. The platform will deploy an initial fund of US$1 billion over the next few years.

Sea founder and group CEO Forrest Li / Photo credit: Sea

Ma will serve as the chief investment officer of Sea Capital, directly reporting to Sea’s chairman and group CEO, Forrest Li.

The company said that Sea Capital will focus on partnering with entrepreneurs, using technology to better serve consumers and small businesses.

“Through Sea Capital, we intend to invest into and support the growth of our broader ecosystem to create value for our users, business partners, and communities. We believe the addition of the Composite team and the establishment of Sea Capital will further enhance our investment and capital allocation capabilities in support of Sea’s long-term growth strategies,” the firm said in a statement.

Sea Group made the announcement during the release of its fourth-quarter results. The Southeast Asian titan, which runs Shopee and Garena, saw its revenue in the last three months of 2020 rise to US$1.6 billion.

The company expects its revenue to double its ecommerce revenue in 2021 to between US$4.5 billion to US$4.7 billion.

In December 2020, Sea Group received a digital full bank license in Singapore.